COLONIAL SUGAR
SEDUCED AUSTRALIAN CROP
(By Telegraph—Press Association.) SYDNEY, November 6.
The directors' report presented at the half-yearly meeting of the Colonial Sugar Refining Co., Ltd., today showed that profits for that period from factories and other investments amounted '■to £443,067, to which is added the balance of profit and loss account at March 31, amounting to £409,247, making a total of £852,314. The board proposes to pay a dividend of 12s 6d a share and a special bonus dividend of 5s per share, absorbing £511,875 and leaving to the credit of profit and loss account £340,439. In moving the adoption of the report the chairman, Mr. E. R. Knox, said that crops in Australia were lighter this season and the total output of raw sugar would not exceed 605,000 tons, or 38,000 tons less than was last year available for export. Normal weather ■conditions were now prevailing, so that the 1936 harvest should be assured. Fiji crops also were lighter than last year, but the outlook for 1936 was promising. GOLDMINING IN FIJI. The development of ' goldmining in Fiji might disturb the local labour supply if not properly controlled, nor would it be to the good of the colony if the main industry, sugar, were damaged. The position was therefore being closely watched. It had been rumoured that the company intended to make a permanent feature of the special bonus dividend. This, said Mr. Knox, was intended to facilitate payment by individual shareholders of any extra taxation they might be called upon to bear byreason of the distribution of new shares and shareholders would be wrong in assuming anything to the contrary. The report was adopted. It was announced that the New South Wales special income tax on bonus shares of persons domiciled in New South Wales is 29.633 per cent., or approximately 4s lid per share, and on persons not domiciled in New South Wales 6.578 per cent., or approximately Is Id. The issue is not subject to Federal taxation.
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https://paperspast.natlib.govt.nz/newspapers/EP19351107.2.129.31
Bibliographic details
Evening Post, Volume CXX, Issue 112, 7 November 1935, Page 12
Word Count
332COLONIAL SUGAR Evening Post, Volume CXX, Issue 112, 7 November 1935, Page 12
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